ECB says ‘difficult to do more’ as pressure mounts for more action

European Central Bank at night

The European Central Bank (ECB) is under pressure to cut its headline interest rate following a slew of disappointing data, but commentators disagree as to whether or not the signs are dismal enough to prompt action.

The ECB's main refinancing rate is at 0.75% and has not seen a cut since July 2012. Yesterday an indicator of German business confidence, the Ifo index, showed a sharper-than-expected drop, from 106.7 to 104.4. Today the ECB released lending data, showing that credit conditions

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